TORONTO, Sept. 21, 2004 (PRIMEZONE) -- Osprey Gold Corp. ("Osprey") (OTCBB:OSGL) today announced completion of the brokered private placement of 4,004,000 units at a price of $0.10 CAD per unit for proceeds of $400,400 CAD. Each unit consists of one common share and one common share warrant exercisable at $0.25 CAD per share for a period of two years. Units were sold to Non-U.S. persons pursuant to Regulation S of the Securities Act of 1933.
The proceeds from the private placement will be used by Osprey primarily to carry out property acquisition and ongoing drilling and exploration programs.
Osprey Gold Corp. specializes in acquiring and consolidating large advanced exploration-stage properties with near-term production potential and future growth through exploration discoveries. Its acquisition and development emphasis is focused on properties containing gold and other strategic minerals located in Canada. Osprey holds interests in exploration properties located in the province of Ontario.
This press release includes statements, which may constitute "forward-looking statements". These statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These factors include, without limitation, future trends in mining prices, the availability of capital for development in the mining sector, competitive factors and other risks detailed in the Company's periodic filings with the Securities and Exchange Commission.